BBVA Switzerland Crypto Services Now Includes Ether

Bitcoin and Ether Available to Customers

BBVA Switzerland announced the news via a press release on Monday (Dec. 13, 2021). According to the announcement, the move made BBVA Switzerland the “first traditional bank in Europe” to include ETH in its services.

With the latest development, private banking customers and clients who have a New Gen account with BBVA Switzerland can now access both Bitcoin and Ether. Also, users can view their crypto and traditional assets on the banking app, while being able to automatically convert digital assets to any fiat currency such as dollars or euros.

Commenting this, the CEO of BBVA Switzerland, Alfonso Gómez said:

“We decided to add ether to our crypto-asset ‘wallet’ because, together with bitcoin, they are the protocols that spark the most interest among investors, while also offering all the guarantees to comply with the regulation.”

Back in June, BBVA Switzerland first announced the launch of crypto custody and trading services for its private banking clients. The financial institution started by offering only bitcoin trading and custody service while stating that there were plans to include other crypto assets.

A statement from Gómez at the time, said:

“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security, and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.”

The recent announcement noted that the crypto service offering has seen positive reception among private banking customers who prefer to manage their portfolios via New Gen. Furthermore, the increased demand for cryptocurrency comes from investors who are looking to “diversify their portfolio.”

Switzerland’s Clear Crypto Regulations Make Country Desirable

With Bitcoin and Ether made available to customers and clients, the Switzerland subsidiary said that more crypto assets would be added soon. An excerpt from the press release reads:

“The goal of BBVA Switzerland is to continue expanding the portfolio of digital assets in the coming months. With this innovative offer, BBVA has positioned itself as a leading bank in the adoption ofblockchaintechnology, thus making it easier for its customers to invest in this new digital world.”

However, the bank said that the crypto trading and custody services would be limited to Switzerland for now, because of the country’s cryptocurrency-friendly policies and high adoption rate. But BBVA said that it would expand its crypto offerings to new countries and other types of customers, depending on the demand, regulatory framework, and maturity of the market.

Switzerland continues to remain one of the best countries that encourage the growth and adoption of the crypto industry. Back in September, the Swiss Financial Market Supervisory Authority (FINMA), the country’s financial regulator, approved Switzerland’s first crypto fund, the Cryptocurrency Market Index Fund.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

How Will the Ethereum 2.0 Upgrade Affect ETH Miners?

The headlines circulating in crypto circles in recent months about the Ethereum network have mainly covered the high gas fees and slow speeds of the network. This lack of scalability on the network has led many DeFi developers to look for other alternatives such as...
Read More

Ethereum Delays Difficulty Bomb Once Again – What This Means

What Happens When the Difficulty Bomb is Detonated?The difficulty bomb is a coding implementation on the blockchain that increases mining difficulty. It leads to an increase in time when mining new blocks, thus reducing mining rewards. The 2022 implementation is designed to make mining under...